> These two properties together - the elimination of expiration, and the elimination of contango/backwardation, led to massive cost savings for the miners.

This is either an Ad or the writer has no experience trading these instruments. As someone who traded these instruments, I'd take the defined future which has a fixed contango/backwardation over the "risky" perpetual which charges daily "funding/interest" that is more volatile than crypto itself.

If Basis risk is annoying, interest rate risk is a real and dangerous risk.